Yep, you will get a form to fill out. I bet TVG and got a pick four at Los Alamitos once, and hit it for $975.00.. The killer was I cannot take ONE bit of credit for it, I used the form from the day before! My husband could not believe my luck.

Yep, you will get a form to fill out. I bet TVG and got a pick four at Los Alamitos once, and hit it for $975.00.. The killer was I cannot take ONE bit of credit for it, I used the form from the day before! My husband could not believe my luck.

Yep, you will get a form to fill out. I bet TVG and got a pick four at Los Alamitos once, and hit it for $975.00.. The killer was I cannot take ONE bit of credit for it, I used the form from the day before! My husband could not believe my luck.

Great story!! And nice hit to both of you. You could find a senior citizen to cash it for you and give them a 10% chop rather then you reporting it to the IRS.

Thanks to all for the responses. I use TwinSpires so I do have records of all my bets placed. If I have enough losses, can it offset the taxes I would face?

Yes, you can deduct your losses up to the amount of your winnings and make it a wash. But that is only for Federal. You cant deduct any losses on your State taxes, your stuck paying the tax.(thats if your an Illinois resident)

Yes, you can deduct your losses up to the amount of your winnings and make it a wash. But that is only for Federal. You cant deduct any losses on your State taxes, your stuck paying the tax.(thats if your an Illinois resident)

You have to keep very good doc on your losses, too, in case the IRS wants to see that. I guess a Twin Spires activity printout would do it ... but then of course they would see all your undeclared winners, too.